VLCC.OL Volare Shipping

Volare Shipping · 2026Q4 dividend

Volare Shipping reports from 2026Q4; 2026Q3 earnings accrued before the listing.

No estimate yet — none of its cash costs (vessel opex, G&A, interest, scheduled debt amortisation) are on file, so no cash break-even can be built yet.

Peers: Crude tankers median trailing yield 9.4% on regular dividends (8 companies); Volare Shipping has no trailing yield on file. Sector dashboard →
Instead: What is on file for Volare Shipping, and why it is not yet enough: just below ↓

Why is there no dividend estimate yet? next step: cost and debt data

This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: none of its cash costs (vessel opex, G&A, interest, scheduled debt amortisation) are on file, so no cash break-even can be built yet. A filing that separates opex, g&a and debt service unblocks it.

What is on file:

6-vessel fleet —

Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.

Adjust the rates yourself · set the open-day rate per class; the P&L re-prices

What does the fleet earn at your rates? rates in, cash out, 2026Q4

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q4	Market now	8 weeks
VLCC · 6	—	$717,300 43% of days	$678,202 2026-10 median · 4 routes	+193%

Company earned: the rate the fleet earned in its latest reported quarter (linked). A rate that covers only part of the fleet sits only on the rows it covers.

Labels in the small print: “class” or “fleet avg” is the issuer’s own print; “derived” is our revenue ÷ vessel-days; “segment avg” is one segment’s print; “fleet blend” is the issuer’s blend of its segments; “class spot” is its printed spot rate for the class, spot days only.

Booked: cover the issuer printed for 2026Q4.

Market now: the median of the broker route prints we hold for each class, our blend rather than a published index. The trend line starts at 100 eight weeks ago.

Your rates · open days only; booked days stay at the booked rate

Our model prices the open days of VLCC off the forward (FFA) curve (the market's price for 2026Q4), not off today's spot.

VLCC 43% booked at $717,300 · 303 open days · model $1,298,749 (FFA forward $1,298,750) · spot $678,202

$/day

2026Q4 P&L and cash

Model

Your scenario

Vessel-days, days stated

Net of off-hire and drydock: the issuer's guided off-hire.

531

By class

Class	Days	Model $/day	Yours $/day
VLCC	531	1,048,726	1,048,726

Fleet TCE, $/day modelled

1,048,726

Revenue (TCE basis), $m modelled

Vessel-days × fleet TCE.

556.9

Vessel opex, $m

Not on file for any quarter (not extracted, or not disclosed).

—

G&A, $m

Not on file for any quarter (not extracted, or not disclosed).

—

EBITDA, $m

Needs vessel opex and G&A on a per-day basis; missing: G&A, vessel opex.

—

Hire for chartered-in ships, $m

No charter-in hire is on file for any quarter, so none is deducted.

—

Interest expense, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Scheduled debt amortisation, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Drydock cost, $m

No separate drydock cash line on file; off-hire is in the vessel-day count above.

—

Cash break-even, $/day

No cash break-even is shown, because missing cash-cost component(s): G&A, interest expense, scheduled debt amortisation, vessel opex.

—

Cushion vs fleet TCE, $/day

—

Free cash flow to equity, $m

No cash break-even is shown, because missing cash-cost component(s): G&A, interest expense, scheduled debt amortisation, vessel opex.

—

Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

—

Dividend policy

No stated payout policy on file.

Output	Model	Your scenario	Δ
Estimated DPS, $/share	—
Run-rate yield (this DPS × 4 a year, not a forecast) %	—

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $17.78 close on 2026-10-29 (the NOK 165.00 close at Norges Bank's USD/NOK 9.2826 fixing of 2026-10-29).

No dividend is modelled for 2026Q4: none of its cash costs (vessel opex, G&A, interest, scheduled debt amortisation) are on file, so no cash break-even can be built yet.

Showing the model’s own figures. Setting your own rates needs JavaScript.

How good have our forecasts been? track record, model vs anchor

Not yet scored: no forecast for Volare Shipping was frozen before a reported outcome.

Each quarter scores the last weekly forecast frozen before the results or the dividend were published, beside the anchor: a simple estimate from the company's own booked rate and payout ratio (how it is built). Every company, by dividend path.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, the costs its dividend is paid after come off (debt repayment only where the company pays out of cash after it), and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced; a number that cannot be sourced is either withheld or shown as our assumption (marked ASSUMED). The full method, and the rates behind it →

No departure from the method above is recorded for VLCC.OL; the inputs and their basis are listed below.

Fleet rate evidence, by days: 43% STATED · 57% MODELLED (FFA forward)

What has the company reported? financials and fleet

Latest quarter 2026Q4

Fleet

Realized TCE

—

Declared DPS

—

TTM DPS (declared for the period)

—

Coverage

—

6× VLCC fleet now

Fleet, ship by ship

No ship-by-ship fleet list is on file for Volare Shipping.

Fleet model — 2026Q4

34/92 days elapsed (37%) · Est. revenue to date $205.8M of $556.9M projected · Fleet model estimate, not issuer guidance.

Class	Ships	TC	Spot	Booked share	Booked $/day	Open-day rate $/day	Fleet TCE $/day	QTD rev $M	Modeled Q rev $M
VLCC	6	—	—	43%	717,300	1,298,750	1,048,726	205.8	556.9
Total	6						1,048,726	205.8	556.9

Guided rates are issuer-booked cover for 2026Q4 blended with Gibson and route-basket spot medians for the open days.

Revenue if rates hold

$556.9M

Model gaps & assumptions

Volare Shipping reports from 2026Q4; 2026Q3 earnings accrued before the listing
VLCC: open days priced at the Gibson FFA 2026Q4 forward — TD3C $1,298,750 (report 2026-10-30); MODELLED (forward), not the latest spot median
VLCC: using issuer guidance 43% fixed @ $717,300/day
index realization not applied: fewer than 2 closed quarters with both a reported spot (or fleet) TCE and an index rate for this fleet — the open share is priced at the full index, which this issuer has not been shown to capture
no single-model dividend: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends
no single-model dividend: missing payout ratio; share count; net-income break-even

What has the company said? guidance and sources

Issuer guidance — forward-looking

Period	Metric	Value	Coverage	As of	Source
2026Q4	VLCC spot TCE (booked)	$717,300	43%	2026-10-29	print
2026Q4	VLCC spot TCE (booked, Q4 to date)	$717,300	43%	2026-10-29	print

Sources — press, filings & documents (15)

Interim updates since 2026Q3

vessel purchase high 2026-11-02 Volare Shipping currently operates six VLCCs and has eight newbuild VLCCs on order, delivering progressively through to 2028.Stabilisation notice
other low 2026-11-02 Reference is made to the stock exchange announcement made by Volare Shipping Ltd. (the " Company ") on 5 October 2026 stating that Clarksons…Stabilisation notice
other low 2026-11-02 A stabilisation report for the period from 23 October 2026 to 30 October 2026 is attached, together with an overview of stabilisation transa…Stabilisation notice
the fleet list low 2026-10-29 Volare Shipping currently operates six VLCCs and has eight newbuild VLCCs on order, delivering progressively through to 2028.Business Update
rates high 2026-10-29 $208,300/day For the third quarter ending 30 September 2026, Volare estimates time charter equivalent (" TCE ") pro forma earnings* at US$208,300/day for…Business Update
rates high 2026-10-29 $717,300/day In the fourth quarter of 2026 to date, Volare estimates TCE earnings at US$717,300/day for its spot operated VLCCs, fixed over approximately…Business Update
other low 2026-10-29 The six vessels delivered from TML to Volare have accrued TCE earnings to the Company from the IPO settlement date (5 October 2026).Business Update
other low 2026-10-29 TCE earnings from voyages in progress on the IPO settlement date will be allocated between TML and Volare pro rata, on a discharge-to-discha…Business Update
other low 2026-10-29 Volare's fleet delivered strong pro forma earnings in the third quarter, and we have continued this momentum into the fourth quarter. This r…Business Update
vessel purchase high 2026-10-23 Volare Shipping currently operates six VLCCs and has eight newbuild VLCCs on order, delivering progressively through to 2028.Stabilisation notice
other low 2026-10-23 Reference is made to the stock exchange announcement made by Volare Shipping Ltd. (the " Company ") on 5 October 2026 stating that Clarksons…Stabilisation notice
other low 2026-10-23 A stabilisation report for the period from 13 October 2026 to 22 October 2026 is attached, together with an overview of stabilisation transa…Stabilisation notice
vessel purchase high 2026-10-13 Volare Shipping currently operates six VLCCs and has eight newbuild VLCCs on order, delivering progressively through to 2028.Stabilisation notice
other low 2026-10-13 The Greenshoe Option has been partly utilized by issue of 300,000 shares, following which the Company will have 70,619,479 shares in issue.Stabilisation notice
other low 2026-10-13 The stabilisation period continues to run to and including 3 November 2026, with net 4,303,720 Shares remaining under the Greenshoe Option.Stabilisation notice

Market: VLCC FFA curve $1,298,750/day

Press & filings by quarter — the quarter a document reports on (as its title names it; an unnamed results release, the quarter before it was filed); anything else, the quarter it was published

Quarter	Report	Presentation	Dividend	Other
2026Q4	—	—	—	Volare Shipping Ltd.: Stabilisation notice, Volare Shipping Ltd.: Business Update, Volare Shipping Ltd.: Stabilisation and over-a…, Volare Shipping Ltd.: First Day of Trading on …, VLCC: Financial calendar, Financial calendar, Volare Shipping Ltd.: New share capital regist…
2026Q3	—	—	—	Euronext Oslo Børs – Decision on admission to …, Euronext Oslo Børs – Vedtak om opptak til hand…, Euronext Oslo Børs - Mottatt søknad om opptak …, Euronext Oslo Børs - Received application for …, Volare Shipping Ltd.: Private Placement of app…, Volare Shipping Ltd.: Contemplated Private Pla…